5 Tips for Buying Life Insurance When You Have a Chronic Illness

Sharing is caring!


An alarming percentage of American adults suffer from a chronic condition, according to data from the Centers for Disease Control and Prevention. More over half of all individuals have one chronic health condition, and another 40 percent have two or more chronic health conditions. That implies a sizable percentage of Americans are looking for health and life insurance despite the fact that they have been diagnosed with a chronic condition.

If this describes you, and it probably does, you may be worried about how it may affect your life insurance options.  We all know life insurance is the foundation of financial planning. However, there are a few factors to bear in mind while shopping for life insurance with a chronic disease, so don’t lose hope. Read on for the five best pieces of advice on getting life insurance with a medical history of pre-existing diseases.

  1. Ensure that Your Insurance Plans Are Realistic

You may have a more difficult time getting the specific coverage you desire because of your pre-existing problems than someone who does not. Depending on the severity of your health problems, you may not be able to afford the level of coverage that is now available. In light of this, it’s wise to set reasonable goals for the level of protection you seek and the amount of money you can afford to spend. In order to strike an affordable balance for you and your loved ones, you may have to make concessions in either your desired level of coverage or your desired level of monthly premium.

“9 out of 10 times life insurance with a chronic condition will be more expensive,” says Chris Stock of Diabetes Life Solutions. “Insurance rates tend to go up proportionally with the level of risk a policyholder poses to a certain insurer. As a result, you may find that you cannot afford enough life insurance.  With this said, you’d should still pursue life insurance coverage, but possibly using a lower amount of coverage that fits your financial budget.”

  1. Shop Around

Numerous life insurance plans exist, however not all of them are equivalent. You should look about to see if there are cheaper alternatives. With a long enough premium, even a little monthly savings might amount to hundreds, if not tens of thousands, of dollars. It’s a good idea to evaluate the many insurance providers to which you are entitled, since some plans may not necessitate a medical checkup and so save you money.

All life insurance companies will look at your profile differently, says Chris Riley of Diabetes 365 “One insurer might have substantially higher rates than the competition, perhaps by as much as 50%.  As an example, USAA may offer a policy with rates 25% higher than a policy from AIG to people with type 1 diabetes.  Since life insurance for type 1 diabetics is more expensive to begin with, you could essentially overpay by thousands of dollars over the life of the policy.” This highlights the significance of comparing life insurance policies for those with chronic illnesses.

  1. Get in Better Shape

Before applying for a life insurance policy that needs a medical test, you can increase your coverage or decrease your premium by drastically improving your health. Besides the obvious benefits to your health, starting a life insurance policy when in your optimal physical condition will save you a lot of money. Your life insurance premiums may be affected by factors such as your body mass index (BMI), thus it’s important to maintain good health in general.

Also, certain life insurance providers may offer discounts to those who have a regular exercise routine.  If you’re using a FitBit or Apple Watch, you have the ability to share your activity to underwriters.  In the event you meet certain criteria, you could qualify for discounts ranging from 6% to 12% annually.  This is an easy way to save money over the life of a life insurance policy. If you have a chronic disease, getting into NDIS excercise physiology should significantly help in improving your health.

  1. Keep Your Options Open Regarding Life Insurance

It may come as a surprise to learn that there is more than one kind of life insurance, each with its own set of advantages and disadvantages. If you are able to keep your sickness under control, you may qualify for a standard policy of life insurance. At the moment of the policyholder’s death, the beneficiaries get the predetermined payout. For those of us who are generally healthy aside from a little concern, simple issue insurance is a good option because it does not typically need a medical exam. A guaranteed issue life insurance policy might be ideal if you’re unsure about your eligibility for life insurance.

Although it’s more expensive than standard life insurance, it’s worth considering if you’re concerned about being turned down for coverage elsewhere. Older policyholders who are looking for a lump payment to help cover last expenses like funerals might benefit from final expense life insurance. There will be more affordable life insurance plans to choose from if you are open-minded about the sort of coverage you need.

  1. Time is of the essence

Life insurance premiums tend to rise steeply with age; thus, it’s wise to lock in a cheap rate as early as feasible. Your chances of locking in a rate on a life insurance policy that you’re happy with increase the sooner you sign. One of my favorite pastimes is to calculate the total annual cost and then compare it to the number of years I have left in my life expectancy. You may obtain a good idea of the policy’s cost and potential benefits in this way.

For certain individuals, it may be wise to obtain coverage, and then in the future re-shop your case to see if there’s better priced options.  It’s perfectly legal to replace one policy, with a better one in the future.  Bottom line you’d always wish to make sure there’s some type of coverage in place to benefit your family.

A wise move toward ensuring your family’s financial stability is to get life insurance. Comparison shop, be open to several types of life insurance, and learn which policies can be the greatest fit for your needs. We pray that these suggestions will give you the confidence to take the plunge into investing for your future and the safety of your loved ones.